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Total household consumption component of the gdp

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The Genuine Progress Indicator (GPI) intends to expand the accuracy and utility of the GDP by adapting its methodology to discount the value of some expenditures, and by adapting its content to include items such as unpaid household and volunteer labour, leisure time, and environmental degradation.

The GPI's gains in accuracy are paid for by a significantly increased complexity. The formula begins with the total household consumption component of the GDP (roughly 60% of its total value), and moves it through a series of adjustments as follows

Reference no: EM131176743

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